A highly-debated forecast that XRP may eventually reach $10,000 per coin has ignited controversy in the crypto world. The ambitious assertion has been greeted with excitement and skepticism as analysts consider the variables that might affect the token’s price.
On the basis of reports, the prediction of XRP to hit this level comes from possible drivers such as ETF approvals, institutional adoption, and its position in traditional finance. But not everyone believes that this is possible.
ETFs May Not Be The Solution
Among the supporting arguments for the $10,000 price projection is the role that XRP ETFs are speculated to play. Its fans expect exchange-traded funds will usher huge institutional investment into XRP, hence increase its price. Nevertheless, crypto analyst Joshua Jake has dispelled the concept, referencing the example of Bitcoin ETFs.
He stated that Bitcoin ETFs, although unlocking the door for institutional investors, have not taken Bitcoin to hyper prices of $1 million a coin. Jake thinks the same principle applies for XRP in that ETFs cannot drive the type of market action necessary to hit $10,000.
Jake also pointed out that while ETFs provide market access, they primarily lead to increased market-making and higher levels of resistance. Even achieving $30 or $20 per XRP, he said, would require massive value injection into the market, which is far from guaranteed.
Market Cap Raises Concerns
Considering XRP’s market cap, hitting $100 would push it to $10 trillion. At $10,000, it’d be $1 quadrillion—more than all the world’s wealth. Jake said that’s not realistic and advises caution with these predictions.
Banks probably won’t drive XRP to $10,000. Experts say if every bank in every country used XRP, its price would soar. Jake disagrees due to competition in crypto and the current supply of 99.98 billion tokens. Even if some tokens are burned, there wouldn’t be the supply shock needed to push prices that high.
Comparing XRP To Bitcoin And Ethereum
Comparing XRP to other well-known cryptocurrencies like Bitcoin and Ethereum was another topic of discussion. Jake responded to assertions made by proponents of XRP that Ethereum and Bitcoin are expensive despite their lack of progress. In order to counter this, he emphasized Ethereum’s contribution to tokenization and decentralized finance, pointing out that its whole value is fixed at $50.75 billion.
Jake defended Bitcoin as well, calling it a widely used digital currency. He cited its application in the carbon credit market as well as backing from institutions such as the US government and the IMF. He contended, however, that XRP has not had the same degree of institutional support or adoption.
At the time of writing, XRP was trading at $2.06, down 5.6% and 16.2% in the daily and weekly frames.
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